July 05, 2024 at 01:00AM
The data we just had was very disappointing indeed:
Japan data – May household spending -1.8% y/y (expected +0.1%)
A Japanese government official:
higher food prices pushed down spending
weaker yen pushed down overseas package tour spending
The thing about the weaker yen is its also contributed to a massive surge of inbound tourism into Japan, but he didn’t mention this.
This article was written by Eamonn Sheridan at www.forexlive.com.
Japan official with excuses for poor household spending in May